Fin24 reports that South Africans will be getting some relief at the petrol pumps with fuel price cuts in August, the Department of Mineral Resources and Energy (DMRE) confirmed on Wednesday.
According to the latest data from the Central Energy Fund, petrol prices currently look set for cuts of between R1.19 and R1.22 per litre, depending on the grade of fuel. Diesel could be reduced by more than 80c – if the oil price and rand-dollar exchange rate remain at current levels. In July, prices were hiked by more than 10%. A reduction in the fuel levy, which sought to cushion consumers from the impact of skyrocketing oil prices, will however be coming to an end on 2 August. The temporary reduction of R1.50 per litre came into effect in April and was reduced to 75c per litre in July. "Despite this reprieve coming to an end on 2 August 2022, the department can confirm that there will still be a sizeable reduction in fuel prices including paraffin for South Africans. A formal announcement in this regard will be made by the end of the week," the DMRE said. The process of deregulating the price of petrol has also begun, with the department saying on Wednesday that consultation on the introduction of the price cap for 93 Octane fuel had been "initiated."
- Read the full original of the report in the above regard compiled by Ahmed Areff at Fin24
- Read too, Petrol price: AA hopes for more relief in September as fuel levy reduction set to end, at The Citizen
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